Research Update: General Motors Acceptance Corp. of Canada Ltd.

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AbstractOn Oct. 17, 2002, Standard & Poor's Ratings Services said it lowered the Canadian national scale commercial paper ratings to 'A-2(Cdn)' from 'A-1(Low)' on General Motors of Canada Ltd. and General Motors Acceptance Corp. of Canada, Ltd. (GM Canada and GMAC Canada) following the reduction in the long-term corporate
and counterparty credit ratings of General Motors Corp. (GM; BBB/Stable/A-2), and General Motors Acceptance Corp. (GMAC; BBB/Stable/A-2), and its related entities (See press release "General Motors Corp. Long-Term Ratings Lowered As Pension Liabilities Increase" published Oct. 16, 2002, on RatingsDirect, Standard & Poor's Web-based credit analysis system). Yesterday, the long-term debt ratings on GM Canada and GMAC Canada were lowered to triple-'B' from triple-'B'-plus. The long-term debt and Canadian national scale...